The Arab Republic of Egypt and the European Investment Bank (EIB) have signed a EUR 200 million loan agreement for financing a project to promote public transport in Greater Cairo.
The loan is tranche B of the EUR 600 million approved by the European Investment Bank for the Cairo Metro project. The project is part of Greater Cairo’s Transport Master Plan and is expected to greatly reinforce the public transport system in this area, thus promoting a positive modal shift from private cars, alleviating congestion and associated environmental problems and contributing to climate change mitigation.
The project consists of the design, construction and commissioning of Phase 3 of Line 3 of the Cairo metro system, including infrastructure investments, civil works, rolling stock and a new stabling area for vehicle recovery, thus helping to address the shortcomings of Cairo’s overburdened public transport traffic system. The project will (i) contribute to economic growth by reducing urban congestion; (ii) improve the livelihoods of Cairo’s population in an inclusive way by enhancing mobility and improving access to education and jobs; and (iii) mitigate climate change and pollution by promoting a more environmentally sustainable means of urban transport.